SEARCHES AND HIRES

Kern County selects 2 global equity managers

Kern County Employees' Retirement Association, Bakersfield, Calif., hired Dodge & Cox and Sustainable Growth Advisers to manage $100 million each in active global equities, said Peter Tirp, chief investment officer.

The $4 billion pension fund conducted an invitation-only search earlier this year following asset allocation changes that reduced targets to domestic equity to 19% from 23% and international equity to 18% from 22%. The two hires will fall under the plan's international equity portfolio.

The pension fund had terminated two domestic equity managers, Fidelity Institutional Asset Management and T. Rowe Price Group, and two international equity managers, J.P. Morgan Asset Management (JPM) and PanAgora Asset Management, in December. The four firms managed a total of $524 million, from which the funding for these hires originates.

Mr. Tirp said the remainder of those assets will likely be reallocated to existing fixed-income managers, but specific details have yet to be determined.

Investment consultant Verus Advisory assisted.